Oman to harness power of blockchain technology for economic development

A high-profile grouping of Omani ministries and government institutions have teamed up to organise the Sultanate’s first symposium on Blockchain — a move designed to help accelerate the adoption of this revolutionary technology in the nation’s economic development.
The four-day Oman Blockchain Symposium will run from November 6-9 at Sheraton Oman Hotel. Helping put together this landmark forum are nearly a dozen government institutions, including the ‘Office of Science, Knowledge and Technology Transfer at the Ministry of Foreign Affairs, Ministry of Information, Ministry of Commerce and Industry, Central Bank of Oman (CBO), State General Reserve Fund (SGRF), Capital Markets Authority (CMA), and the Information Technology Authority (ITA), among other organisations.  “The Omani Blockchain Symposium has been conceived to bring the best minds and global ideas together in Muscat for a series of inspiring talks and discussions, covering the areas of Blockchain technologies most likely to have a significant impact on the local economy,” said the organising committee on its website.
The symposium is expected to attract over 700 delegates, including top decision-makers from a wide range of public and private sector organisations. A distinguished roster of international speakers has been lined up to present on an array of themes centring on Blockchain technologies, with emphasis on areas relevant to: Banking and Financial Industry, Government Services, Supply Chains, Entrepreneurship & Innovation, Investment & Venture Capital and Skills & Competencies Development.
According to experts, blockchain technologies have the potential to revolutionise trade as well as support the creation of a new value-added economy (blockchains), which could also significantly change operating structures in most sectors of the economy. Crypto-currencies and the economy of the blockchains would then become the basis of a new economic system. More importantly, this would also integrate the new technologies of: Artificial intelligence, Machine learning, Augmented reality, The Internet of Things, and Autonomous learning.
“This event will raise awareness amongst relevant authorities of the multiple technology applications of Blockchain architectures — as well as to position their institutions in a pioneering or governing role from a crypto-governance standpoint,” the organisers of next week’s Oman Blockchain Symposium said. “The global promotion of Oman as an enabling business environment for international Blockchain companies is also part of the (objective),” they stressed.
The forum will open on November 6 with welcome remarks by Sultan bin Salim al Habsi, Deputy Chairman of Board of Governors, Central Bank of Oman. While deliberations over the first two days will seek to create the broad outlines of a National Blockchain Framework, the latter two days will see select group drafting possible implementation plans for some pilot projects.

Conrad Prabhu